Latent View Analytics on Friday, 12 November, received a record number of bids with its Rs 600 crore initial public offer (IPO) getting 338 subscriptions. The IPO was fully subscribed just 45 minutes after it opened for subscriptions on Wednesday, 10 November.
On the final day of bidding on Friday, the issue received bids for 572.18 crore shares worth Rs 1.12 lakh crore. According to The Economic Times, the figure is more than five times the demand for India's biggest ever IPO from Paytm. Paytm's Rs 18,300 crore issue ended on Wednesday.
Through the IPO, Latent was selling 1.75 crore shares. It sold the shares in the price band of Rs 190-197.
While the shares set aside for institutional investors received 145.48 bids, those reserved for non-institutional investors got 850.66 subscriptions, which is a record for a 500 plus IPO. According to BSE data, the portions reserved for retail investors were subscribed 119 times.
Latent's IPO had a fresh share issue worth Rs 474 crore. Besides, existing shareholders and a promoter also offered sale of Rs 126 crore. On Tuesday, 9 November, the data analytics company raised Rs 267 crore from 34 anchor investors including Abu Dhabi Investment Authority, Hornbill Orchid India Fund, HSBC, Wellington India Opportunities Fund, ICICI Prudential Mutual Funds.
Services offered by Latent include data and analytics consulting, advanced predictive analysis, and business analytics.
(With inputs from The Economic Times)
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